The global cognitive systems spending market is experiencing numerous technological advancements permitted with exceptional features for several industries especially in the banking sector. Cognitive systems with high-definition technology can help in determining the world’s most composite data analysis difficulties by entering into the complexity of exploiting the power of big data, machine learning, natural language processing, and automated reasoning technology. Some advances in technology would further benefit the diffusion of big data, thereby booming the growth of the global cognitive systems spending market in the forecast period. Another factor that is driving the growth of the global cognitive systems spending market is the challenge that most banks and financial institutions are facing in the present scenario.
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The value of the global cognitive systems spending market is anticipated to witness a CAGR of 14.6% during the forecast period of 2020-2030.
“Growing demand for cognitive systems in different application industries and increasing awareness of technological advancements such as natural language processing technology among others, which are prominent factors driving the growth of the global cognitive systems spending market,” Says the FMI Analyst
Key Takeaways of Cognitive Systems Spending Market Study
- Among the verticals segment, banking segment expected to expand at a higher CAGR over the forecast period, owing to recognition and widespread acceptance of consumer-based intelligent assistant applications.
- East Asia is expected to create lucrative growth opportunities for players in the cognitive systems spending market, owing to the increasing challenge that most banks and financial institutions in the countries of this region.
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Increasing Adoption of Cognitive Systems Spending Market amid the COVID-19 Pandemic outbreak
Cognitive collaboration harnesses the benefits of machine learning and artificial intelligence to increase distributed and in-person collaboration experiences. A team of computer science research at the Carnegie Mellon University has developed a tool using Artificial Intelligence (AI) that determines whether an individual is infected with coronavirus by analyzing the sound of their cough, the way they speak or even breathe. The voice production mechanism is so complex and dependent on cognitive abilities, such factors drives the cognitive systems spending market.
More Valuable Insights on Cognitive Systems Spending Market
FMI’s report on the cognitive systems spending market is segmented into three major sections such as component (GPS & radar systems, multi-function navigation, fish finders/SONAR modules, thermal & visible cameras, marine VHF communication devices, audio/video equipment, marine autopilots, autonomous identification systems, analogue & digital communication display, satellite TV), and software), applications (merchant marine, fishing vessel, yachts/recreation, military naval autonomous shipping, smart boat, underwater drones), and region to help readers understand and lucrative evaluate opportunities in the Cognitive Systems Spending market.
What are the future prospects of cognitive systems spending market?
Natural language processing technology is the most adaptable technology in the banking sector for cognitive systems due to its easy and advanced language conversation process therefore boosting the growth of the global cognitive systems spending market.
What are the major challenges for cognitive systems spending market?
Lack of compliance on the part of cognitive systems provider, as well as lack of user knowledge & awareness regarding cognitive systems, which is a major challenge for the cognitive systems spending market.
Which verticals will have significant revenue growth in the next five years?
The banking segment has been considered as largest revenue growth in the next five years due to the improvements in the variety, efficiency, and reliability of machine learning.
What are the major opportunities for cognitive systems spending market?
The recognition and widespread acceptance of consumer-based intelligent assistant applications, which is a major opportunities for the cognitive systems spending market
Which region is expected to be at forefront in the cognitive systems spending market?
The continuous development in cognitive computer technology for educational and healthcare applications such as enhancing the student’s learning experience, and evaluate information about the patient, among others, which is, in turn, boosting the growth of the cognitive systems spending market in North America.
Who are the major companies leading cognitive systems spending market?
Prominent companies in the Cognitive Systems Spending market includes International Business Machines Corporation, Accenture Plc., HP Inc., Microsoft Corp., Intel Corporation, Attivio, Wipro Limited, Cognitive Scale Inc., IPsoft Inc. and among others.
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Product Type:
- Hardware
- Software
- Services
Deployment Type:
- Public
- On-Premise
Technology Type:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
By Verticals:
- Banking
- Education
- Government
- Healthcare
- Insurance
- Manufacturing
- Securities and Investment Services
- Telecommunicati-ons
- Transportation
- Other Industries (Cross industries, Discrete manufacturing, Process manufacturing, Retail)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
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